<SEC-DOCUMENT>0001571049-17-003925.txt : 20170426
<SEC-HEADER>0001571049-17-003925.hdr.sgml : 20170426
<ACCEPTANCE-DATETIME>20170426071558
ACCESSION NUMBER:		0001571049-17-003925
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170426
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170426
DATE AS OF CHANGE:		20170426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARINE PRODUCTS CORP
		CENTRAL INDEX KEY:			0001129155
		STANDARD INDUSTRIAL CLASSIFICATION:	SHIP & BOAT BUILDING & REPAIRING [3730]
		IRS NUMBER:				582572419
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16263
		FILM NUMBER:		17782516

	BUSINESS ADDRESS:	
		STREET 1:		2801 BUFORD HIGHWAY NE, SUITE 520
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30329
		BUSINESS PHONE:		404-321-2140

	MAIL ADDRESS:	
		STREET 1:		2801 BUFORD HIGHWAY NE, SUITE 520
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30329
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>t1700249_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">washington, d.c. 20549</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: small-caps 12pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: small-caps 12pt Times New Roman, Times, Serif"><B></B></FONT><B><FONT STYLE="font-size: 12pt">FORM
8-K</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>CURRENT REPORT</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date of Report
(Date of earliest event reported): April 26, 2017</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>MARINE PRODUCTS
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 50%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1-16263</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>58-2572419</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction</FONT><BR>
<FONT STYLE="font-size: 10pt">of Incorporation)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2801 Buford Highway NE, Suite 520, Atlanta,
Georgia 30329</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive office) (zip code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT><B>Registrant's telephone number, including
area code: (404) 321-7910</B><BR>
<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0px">Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Emerging
growth company&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-weight: normal; font-style: normal; font-variant: normal">o</FONT></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0px">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2.02 Results of Operations and Financial
Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Courier; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 26,
2017, Marine Products Corporation issued a press release titled &quot;Marine Products Corporation Reports First Quarter 2017 Financial
Results,&quot; that announced the financial results for the first quarter ended March 31, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Exhibit 99 - Press Release dated
April 26, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, Marine Products Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Marine Products Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">Date:&nbsp;&nbsp;April 26, 2017</TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid">/s/ Ben M. Palmer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-decoration: none; padding-bottom: 1pt">Ben M. Palmer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Vice President,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>t1700249_ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><IMG SRC="t1700249_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Marine
Products Corporation Reports First Quarter 2017 Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ATLANTA, April 26, 2017 &ndash; Marine Products Corporation (NYSE:
MPX) announced its unaudited results for the quarter ended March 31, 2017. Marine Products is a leading manufacturer of fiberglass
boats under two brand names: Chaparral and Robalo. Chaparral&rsquo;s sterndrive models include H2O Sport and Ski &amp; Fish Boats,
SSi and SSX Sportboats, Sunesta Sportdecks and Signature Cruisers. In addition, Chaparral manufactures SunCoast Sportdeck outboards,
Vortex Jet Boats and the Surf Series of Chaparral SSi and SSX Sportboats and Sunesta Sportdecks. Robalo builds outboard sport fishing
boats which include center console, dual console, walkaround cabin and Cayman bay boat models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">For the quarter ended March 31, 2017, Marine Products
generated net sales of $71,040,000, an 11.6 percent increase compared to $63,665,000 in the same period of the prior year. The
increase in net sales was primarily due to a 12.1 percent increase in unit sales as well as an increase in parts and accessories
sales, partially offset by a slight decrease in the average selling price per boat. During the quarter the Company generated higher
unit sales among our Chaparral H2O and Robalo models. Average selling prices decreased slightly during the first quarter of 2017
due to model mix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Gross profit for the quarter was $14,906,000,
a 17.5 percent increase compared to gross profit of $12,688,000 in the same period of the prior year. Gross profit for the first
quarter increased compared to the prior year due to higher net sales and improved production efficiencies. Gross margin during
the first quarter was 21.0 percent compared to 19.9 percent in the first quarter of the prior year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Operating profit for the quarter was $6,898,000, an increase of
22.2 percent compared to $5,645,000 in the first quarter of last year. This improvement was due to higher gross profit partially
offset by higher selling, general and administrative expenses during the first quarter of 2017 as compared to the prior year. Selling,
general and administrative expenses increased primarily due to expenses which vary with sales and profitability, such as warranty
expense and sales commissions. Selling, general and administrative expenses were 11.3 percent of net sales during the first quarter
of 2017 compared to 11.1 percent during the same period of the prior year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Net income for the quarter ended March 31, 2017 was $5,261,000,
an increase of $1,340,000 or 34.2 percent compared to net income of $3,921,000 for the first quarter of 2016. Diluted earnings
per share were $0.15 in the first quarter of 2017, an increase of $0.05 or 50 percent compared to $0.10 diluted earnings per share
in the prior year. Diluted earnings per share during the first quarter of 2017 increased compared to the prior year due to higher
net income as well as a lower share count resulting from the tender offer completed during the fourth quarter of 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0">Marine Products recorded an income tax provision of $1.7 million during the first quarter compared to a provision
of $1.8 million for the first quarter of prior year. The 2017 provision reflects a beneficial discrete adjustment of $580 thousand
related to the required adoption of an accounting pronouncement in the quarter. The amendments in the pronouncement require that
excess tax benefits and deficiencies relating to share-based payment awards be recognized as a component of income tax expense
rather than stockholders&rsquo; equity as in prior periods.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Quarter 2017 Earnings Press Release</P>



<P STYLE="margin: 0"></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Richard A. Hubbell, Marine Products&rsquo; President and Chief Executive
Officer stated, &ldquo;Our first quarter 2017 financial results reflect the beginning of another strong retail selling season.
Our Robalo outboard sport fishing boats continued to sell well, especially the Robalo 302, the Robalo 246 and our new Robalo 200
ES which features extra seating. In addition, our Chaparral H2O models generated higher sales, and we began to sell some of our
Chaparral models with the new Surf Series option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">At the end of the first quarter of 2017, our order backlog and dealer
inventory levels were higher than at this time last year, as we and our dealers prepare for the remainder of the 2017 retail selling
season,&rdquo; concluded Hubbell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0">Marine Products Corporation will hold a conference call
today, April 26, 2017 at 8:00 a.m. Eastern Time to discuss the results for the quarter. Interested parties may listen in by accessing
a live webcast in the investor relations section of Marine Products&rsquo; website at www.marineproductscorp.com. The live conference
call can also be accessed by calling (888) 515-2235 or (719) 457-2604 for international callers and using the conference ID #1438020.
A replay will be available in the investor relations section of Marine Products&rsquo; website beginning approximately two hours
after the call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-weight: normal; text-transform: none">Marine
Products Corporation (NYSE: MPX) designs, manufactures and distributes premium-branded Chaparral sterndrive, jet drive and outboard
pleasure boats, and Robalo outboard offshore sport fishing boats.&nbsp; The Company continues to diversify its product lines through
product innovation.&nbsp; With premium brands, a solid capital structure, and a strong independent dealer network, Marine Products
Corporation is prepared to capitalize on opportunities to increase its market share and to generate superior financial performance
to build long-term shareholder value.&nbsp; For more information on Marine Products Corporation visit our website at www.marineproductscorp.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Certain statements and information included in this press release
constitute &quot;forward-looking statements&quot; within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include statements that look forward in time or express management&rsquo;s beliefs, expectations or
hopes. In particular, such statements include, without limitation, our belief that the first quarter is the beginning of what will
be a strong retail selling season. These statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Marine Products Corporation to be materially different from any future
results, performance or achievements expressed or implied in such forward-looking statements. These risks include possible decreases
in the level of consumer confidence and available funds impacting discretionary spending, increased interest rates and fuel prices,
weather conditions, changes in consumer preferences, deterioration in the quality of Marine Products&rsquo; network of independent
boat dealers or availability of financing of their inventory, and competition from other boat manufacturers and dealers. Additional
discussion of factors that could cause the actual results to differ materially from management's projections, forecasts, estimates
and expectations is contained in Marine Products' Form 10-K, filed with the Securities and Exchange Commission for the year ending
December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">For information contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">BEN M. PALMER</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">JIM LANDERS</P>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD>Vice President, Corporate Finance</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(404) 321-7910</TD>
    <TD>&nbsp;</TD>
    <TD>(404) 321-2162</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><U>irdept@marineproductscorp.com</U></TD>
    <TD>&nbsp;</TD>
    <TD><U>jlanders@marineproductscorp.com</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Quarter 2017 Earnings Press Release</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold; border-bottom: Black 2px solid">MARINE PRODUCTS CORPORATION AND SUBSIDIARIES</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSOLIDATED
    STATEMENTS OF OPERATIONS</B></FONT> <I>(In thousands except per share data<B>)</B></I></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid">Periods ended March 31, (Unaudited)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">First Quarter</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2017</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid">2016</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid">% BETTER<BR> (WORSE)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="width: 61%; font-weight: bold; text-align: left">Net Sales</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">71,040</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">63,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11.6</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">Cost of Goods Sold</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">56,134</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">50,977</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(10.1</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left">Gross Profit</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,906</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">Selling, General and Administrative Expenses</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">8,008</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7,043</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(13.7</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left">Operating Profit</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,898</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">Interest Income</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">51</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">92</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(44.6</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-align: left">Income Before Income Taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,949</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,737</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">Income Tax Provision</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">1,688</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1,816</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.0</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 4px double">Net Income</TD><TD STYLE="font-weight: bold; border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: right">5,261</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">3,921</TD><TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">34.2</TD><TD STYLE="border-bottom: Black 4px double; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">EARNINGS PER SHARE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="padding-bottom: 4px; padding-left: 9pt">Basic</TD><TD STYLE="font-weight: bold; padding-bottom: 4px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: right">0.15</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">0.10</TD><TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">50.0</TD><TD STYLE="border-bottom: Black 4px double; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; padding-left: 9pt">Diluted</TD><TD STYLE="font-weight: bold; padding-bottom: 4px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: right">0.15</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">0.10</TD><TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">50.0</TD><TD STYLE="border-bottom: Black 4px double; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">AVERAGE SHARES OUTSTANDING</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="padding-bottom: 4px; padding-left: 9pt">Basic</TD><TD STYLE="font-weight: bold; padding-bottom: 4px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: right">34,931</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">38,298</TD><TD STYLE="padding-bottom: 4px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4px; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4px; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4px; padding-left: 9pt">Diluted</TD><TD STYLE="font-weight: bold; padding-bottom: 4px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: right">34,931</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">38,298</TD><TD STYLE="padding-bottom: 4px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4px; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4px; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4px; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Quarter 2017 Earnings Press Release</P>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">MARINE PRODUCTS CORPORATION AND SUBSIDIARIES</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid">CONSOLIDATED BALANCE SHEETS</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 2px solid">At March 31, (Unaudited)</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 2px solid">(in thousands)</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 2px solid">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2017</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid">2016</TD><TD NOWRAP STYLE="border-bottom: Black 2px solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">6,827</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">8,240</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marketable securities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,108</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,004</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Accounts receivable, net</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,516</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,215</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Inventories</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">38,568</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,657</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Income taxes receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">952</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">927</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">Prepaid expenses and other current assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">1,134</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1,349</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-left: 9pt">Total current assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">59,105</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">58,392</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property, plant and equipment, net</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,293</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,754</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Goodwill</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,308</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,308</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other intangibles, net</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">465</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">465</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Marketable securities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">8,066</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,873</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred income taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,981</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,323</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">Other assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">8,877</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10,456</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 4px double; padding-left: 9pt">Total assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: right">98,095</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">119,571</TD><TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">LIABILITIES AND STOCKHOLDERS' EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Accounts payable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">10,308</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,419</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">Accrued expenses and other liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">14,471</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11,430</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt">Total current liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">24,779</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long-term pension liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,662</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,179</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">Other long-term liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">62</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">72</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-left: 9pt">Total liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">30,503</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">27,100</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Common stock</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,496</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,837</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Capital in excess of par value</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Retained earnings</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">66,241</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,043</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">Accumulated other comprehensive loss</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">(2,145</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(1,837</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-left: 9pt">Total stockholders' equity</TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right">67,592</TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">92,471</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 4px double; padding-left: 9pt">Total liabilities and stockholders' equity</TD><TD STYLE="font-weight: bold; border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: right">98,095</TD><TD STYLE="border-bottom: Black 4px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">119,571</TD><TD STYLE="border-bottom: Black 4px double; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid">&nbsp;</DIV>
    <!-- Field: /Page -->




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>t1700249_logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 t1700249_logo.jpg
M_]C_X  02D9)1@ ! 0$ > !X  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !1 3(# 2(  A$! Q$!_\0
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MB9G*VZJVTL>25#$9)[D&H_V5](^"WBKQY9^*_A]=WN@:_::9]FNO#4DI0-D
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M1X+KW_!.#QY8W!&DZYHFJ0'HTS26[ >XVL/R-92_\$\/BDK?Z[P\H[G[:_\
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MG+U&I2@G%[WOHS];X"X5RCBN=7"XS$2IUHZQ2M:4>MKIZI[KL_4_5WP_\7O
M_BM@FC^+=&U"0G C@O8RQ^@SFNN##C'2OPV\D;@VY@PZ$'!%>C_#_P#:%^(O
MPQ9!H/BN^2V4_P#'G>/]I@^FQ\@?ABO$H<41;M7I_-?Y/_,_0\R\%9QBY9;C
M+OM.-O\ R:-__23]:/%/@G0/'%BUGX@T6QUFV(QY=[ LF,^A(X_"O#?$_P"P
M+\)?$,KS6VFWVAR-D_\ $NO&" G_ &7W ?ABOGG2?^"D'CNSM5CO_#V@ZA./
M^6RF6'/U4,14.I_\%'/B#=*19:%X?LL]&9)92/\ Q\5V5LWRG$*]6/,_\.IX
M.7<"<>Y3/DP%7V<?*K:+^7^:/3KK_@F?X2DD)M_%VLQ+G[KPQ/C\<"N,^('[
M+GP-^ UF]WXQ\8:QJEYMW0Z/:RQ)<S'L JKD#_:) ]Z\9\7_ +7GQ9\:120W
M/BR?3K:08,.E1K:\>FY1N_6O'KB6:\N'N+FXFN+B0Y>69R[L?<GDU\[B,PRZ
M*?U7#Z]W_E<_7\HX:XOJ-/.LW:AUC32N_P#M]Q37R3]36\6:MI^M>(+J[TG2
M(M!TQCMMM/CD:0QH.FYVY=CU+'O[5]5_\$XOAQ)J'C/Q#XWGB(M-/@_L^U<]
M&FDP7Q_NH /^!U\J^#O!^L?$#Q5IGA[0;4W>IW\HCCCQPH[NQ[*HR2>P%?KW
M\'/A?IWP>^'FD^%]-^=;6/=/<8P9YFYDD/U/Y  =JTR#!RQ.*^M37NQ_/_@;
MG!XHY_1R;)?[(HR_>UURVO=J"W;;N];<MWO=OHSM:***_3C^+SXHUKPEX6\?
M_$SX[:GX]U'^PY=%U#2X=/US[TVFH"#$80<XWM@' YW5]IV_^I3Y_,^4?,>_
M'6O.O%?[._@/QIXXM_%FK:+]HUB(QL[+,Z13F,YC,L8.V0KVR.PKTA>!7F8/
M#2P\IN26KW6[U;U^^WZ['V?$&<4<TI8:-&4_<BDXR2Y8-0IP:A9MM-P<G>RU
M7NWNWX_^UY?7FG?LX^.)K%F2;[&(V9#@B-I%5_\ QTG\":\O_9VTBS\&_M&:
MWHF@6<=AHESX0TV]GM[?B/SRJ_O,=-QW-D]\U]1ZYH=AXFT>]TK5+6.^TZ\B
M:"XMYAE9$88(-<C\+O@?X/\ @['?CPQIK6LM\5\^XGG>>5E481-SDD*O91Q4
M5L+.IBX5U:RMZZ7V];Z^AU9=GV&PF0XG+*BESSYK62Y7S>SLY.^\.1N.C^+I
MJ=U_"*^'_P!MBXAM_BQ+-/X7A\41)X*N%9;A@HL=UQM6['!)*,PX'/-?</M7
M'>)OA'X6\7Z[<ZQJVG?:[ZYTJ7196,KA6M)#ETV@XY/?K[UIF&&GBZ/LX.SN
MCBX4SFAD.8K&8B+E%1:LM'KYIIKUN2?"/1KGP]\+_">FWE^-4N;73+>)[Q3D
M2D1CY@>X]#6MXPP/">MDC(^PS_\ HMJD\,^';+PCX?T[1=-5X[#3X$MK=))&
MD98U&%!9B2<#UJ[?6<6HV5Q:SKNAGC:)U!QE6&",_0UV1@XTE#RL?/UL1&IC
M98B]TY.6R76^RT7ILCXC_8O^'^N77B+P3XML_"W_  CGA^ST&XM;S5/-0?VS
M*\K%'V+R=O'+?W:^XZP_!?@S2?A]X7T_P]H=NUKI5@GEP0LY<JN2?O,23R3U
MK<KEP.%^IT53O=]?6RVV/=XHSU\0YE/&*/+'51WOR\TFKW;UUUULMEHD?+_[
M16BV/C']HCX=:!K]K'J'A]M%U:Z%I<',3SK"<,1ZKA2#VS76?L2ZA>:E^S9X
M2>]9G:-9H8F<Y)C69PH^@ P/8"N[^*7P6\)_&.SLK?Q/I[W1LG9[>:"9X98]
MPPP#H0<,."*Z;PWX;TWP?H5CHVCVD=AIEE$(;>WB'RHH[>_U/6L:6%G#&3KN
MUG?UUY=_3E_$]#'9]AL3P]A\K@I>T@XWNERKE=9MQ=]Y^T5]%\&[TMI5^=WP
M/TU]5^.'@FV@T:WT.YA\0ZUJ'_"0&0"74X8W(>V"@9^7/\1Z$D5^B->=Z?\
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MY^O6O/%;< <$ ^M?MYK&AZ?XATV;3]4LK?4+&9=LMM=1B2-Q[J1BOF7XB_\
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,% !1110 4444 ?_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
